March 4, 2014

FOOLS' GOLD:

Flexcoin, a relatively small Bitcoin bank, announced early Tuesday morning that it's shutting its doors in light of being completely robbed of its currency. All of it. Just days after a massive theft at another major Bitcoin depository, Flexcoin was completely cleaned out by hackers, leaving the site no choice but to shut down. [...]

According to Flexcoin's terms of service, Flexcoin users aren't owed anything: "We have taken every precaution to defend your bitcoins from hackers and/or intruders.," the terms clearly state. "However, Flexcoin Inc is not responsible for insuring any bitcoins stored in the Flexcoin system. You are entering into this agreement with Flexcoin Inc. You agree to not hold Flexcoin Inc, or Flexcoin Inc's stakeholders, or Flexcoin Inc's shareholders liable for any lost bitcoins."